APAC Cross Regional Credit Weekly: Spreads widened amid heavy supply

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APAC Cross Regional Credit Weekly: Spreads widened amid heavy supply

J P M O R G A N Asia Pacific Credit Research

30 June 2026

APAC Cross Regional Credit

Weekly

Spreads widened amid heavy supply

• JULI spreads widened by 3bp w/w to 89bp amid heavy supply, but still in Asia Pacific Credit Research

AC line with the YTD and one-year averages of 90bp. The index yield moved Matthew Hughart

lower by 4bp to 5.44% over the week. Despite being 22bp off recent highs, they (852) 2800-6518

remain in a healthy spot, still 14bp above the one-year average. matthew.hughart@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited

• HG fund inflows moderated to $7bn of inflows (-26% w/w), down from last Emma Xing

week’s $9.4bn and the smallest inflow this month. The flow slowdown was (852) 2800-8727

driven by ETFs, where inflows declined 34% w/w to $5.8bn, while mutual fund emma.xing@jpmorgan.com

inflows rose 82% w/w to $1.2bn. J.P. Morgan Securities (Asia Pacific) Limited

• Last week, $52bn of gross issuance was priced against $15bn of Soo Chong Lim

reinvestment income (maturities and coupons). HG market saw a new (852) 2800-7387

soochong.lim@jpmorgan.com

record for June supply, with $184bn priced MTD, which is used to be an J.P. Morgan Securities (Asia Pacific) Limited

occasional seasonal lull in issuance. North America Credit Research

• Our US team views the recent imbalance of heavy supply and sluggish Nathaniel Rosenbaum, CFA

demand as a temporary headwind. This should ease as issuance slows into (1-212) 834-2370

the July 4 holiday and remains quiet as we enter the earnings blackout period nathaniel.rosenbaum@jpmorgan.com

until banks begin reporting on July 14, while demand should pick up around J.P. Morgan Securities LLC

month-end/quarter-end as it typically does.